Legal Question in Banking Law in India

Personel Loan

My monthly salary is 15000/-. I had already a home loan for 4,60,000 from Cental bank and personel loan of 2,50,000 from ICICI bank which EMI I use to pay 6000/- & 7500/- per month. ICICI bank knew this very well. Still they offered me again for 2,50,000 personel laon. I refused this offer and I told how can I manage, I have already paying more. But the executive called me again and again. I knew that Bank will not provide me the laon as I everything is clear in my bank statment. So I said OK to executive just for stop receiving such calls. But after some days I the same amount has been credited in my account. I know it was my mistake to take second loan.

I tried to repay the EMI but now I am not in position to continue this.

Kindly advice me what should I do as the collection agent has started visiting to me.

Thanks & Regards

Rajeev Sinha


Asked on 3/12/09, 8:56 am

5 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: Personel Loan

unfortunately you invited trouble by saying yes for the 2nd loan. You have to suffer for your mistake. write to the Bank to reschedule the EMI explaining your financial position. If the collection agent harasses you, complain to Reserve Bank of India

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Answered on 3/12/09, 10:22 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Personel Loan

talk with the bank for increasing time period and decreasing installment with more interest.

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Answered on 3/13/09, 8:25 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Personel Loan

Hello.

Good Evening.

You should intimate the Bank Authorities in writing about this matter and clarify the facts.

You either go for a less EMI and settle the matter soon.

All the Best!

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Answered on 3/12/09, 8:58 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Personel Loan

You may return the loan amount.

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Answered on 3/12/09, 10:19 am
Pranav Desai PD Legal & Associates

Re: Personel Loan

Well!! we may not have much advice on this. However, you can consider speaking to the executive and rescheduled the payement of your one loan with ICICI.

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Answered on 3/12/09, 2:35 pm


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